Budget Surplus of $115 Billion Larger Than Expected

The 1999 fiscal-year budget surplus weighed in at $115 billion, much larger than the $99 billion surplus analysts predicted over the summer. The announcement was made by President Clinton on Monday.

Clinton asked Republicans to band together with him to determine how best to use the surplus. The difference in the projected versus actual figure was attributed to the strong American economy and unexpectedly high tax revenues.

This year also marks the second consecutive year-and the first time since 1956-in which two years of surplus actually occurred.

Although it is likely Clinton still would hold off on cutting taxes, Jack Lew, director of the White House Office and Management and Budget, commented that he does not favor necessarily using the surplus to fix the Social Security Trust Fund.

You may like these other stories...

For the first time since 2006, more than 50 percent of CFOs believe the US economy will show signs of improvement over a six-month span rather than remain the same or worsen, according to a new study from Chicago-based...
By Jason Bramwell, Staff Writer CPAs in New Jersey, New York, and Pennsylvania believe economic conditions in the United States will likely be the same one year from now, and while they predict higher business revenues...
By Jason Bramwell Managers in accounting, finance, and IT are cautiously optimistic about their hiring plans for the fourth quarter of 2013, according to a new hiring outlook survey from staffing firm Brilliant. ...

Already a member? log in here.

Upcoming CPE Webinars

Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.
Nov 12This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Nov 18In this session Excel expert David Ringstrom, CPA tackles what to do when bad things happen to good spreadsheets.